CFC said it received the authorisation of bourse regulator AMMC for the 15-year bond.

“The issuance was completed through a private placement with the largest institutional investors of the Kingdom,” it said.

Morocco’s government began developing Casablanca Finance City in 2010 as a banking centre for Africa.

Financial companies, professional services firms and regional headquarters of multinationals can become members of the centre, receiving tax concessions and other benefits such as fast-track visa procedures for staff. (Reporting by Ahmed Eljechtimi; Editing by Kirsten Donovan)